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Rising Home Values and Ownership in Loomiller: A Decade of Housing Market Shifts
CATEGORY
Property Value
DATA
Percent Owner Occupied
Housing Prices
Median Rent
Population
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Property Value
Percent Owner Occupied
Housing Prices
Median Rent
Population
The Loomiller neighborhood in Longmont, Colorado has experienced a significant transformation in its housing market over the past decade. This area has witnessed a notable shift towards increased homeownership, accompanied by substantial growth in property values and rental costs. From 2013 to 2022, the percentage of owner-occupied homes in Loomiller rose from 52% to 61%, marking a 9% increase in homeownership. This change coincided with a dramatic rise in average home prices, which more than doubled from $198,555 in 2013 to $504,853 in 2022, representing a 154% increase over nine years. This trend suggests a strong correlation between rising property values and growing homeownership rates in the neighborhood.
The relationship between federal interest rates and homeownership rates in Loomiller appears to follow established patterns. As interest rates remained relatively low from 2013 to 2020, ranging from 0.09% to 2.16%, homeownership in the neighborhood steadily increased. This aligns with the general trend of lower interest rates encouraging homeownership due to more affordable financing options. Even as interest rates began to rise in 2022 to 1.68%, the homeownership rate in Loomiller remained stable at 61%.
The rental market in Loomiller has also seen significant changes. The percentage of renters decreased from 48% in 2013 to 39% in 2022. Despite this decline in the renter population, average rent prices showed an upward trend. The average rent increased from $968 in 2013 to $1,227 in 2022, a 27% rise over nine years. This increase in average rent, despite a shrinking renter population, could be attributed to the overall appreciation of property values in the area and potentially increased demand for the remaining rental units.
Recent data shows some fluctuations in the housing market. The average home price in Loomiller for 2023 was $495,965, showing a slight decrease from 2022. However, in 2024, the average home price has rebounded to $501,633. This recent uptick occurs against the backdrop of higher federal interest rates, which stood at 5.02% in 2023 and 5.33% in 2024. These higher interest rates may impact future homeownership trends and property values in the neighborhood.
Looking ahead, predictive models forecast continued growth in the Loomiller housing market over the next five years, albeit at a more moderate pace than seen in the previous decade. Average home prices are anticipated to reach approximately $550,000 to $600,000 by 2029. Similarly, average rent prices are expected to increase, potentially reaching $1,500 to $1,600 per month within the same timeframe.
In conclusion, the Loomiller neighborhood has demonstrated a clear trend towards increased homeownership and significantly higher property values over the past decade. The area has seen a substantial appreciation in average home prices, rising average rents, and a shift from a nearly balanced owner-renter mix to a more predominantly owner-occupied community. These trends, combined with the current interest rate environment, suggest that Loomiller will likely continue to evolve as a desirable residential area with potentially increasing property values in the coming years.
